Real Estate Technology
Technology is in every single part of our lives. We can make calls from virtually anywhere, plan entire trips online, and even purchase our groceries and deliver them without ever leaving the couch. With all the technological innovation that has changed our daily lives, it shouldn’t be surprising that technology has made its way into the real estate process.
Technology has made home buying and selling much more efficient and more accessible. With everything from online listings to iBuyer companies, the future of real estate is wholly intertwined with technology. These are just a few of the
The most commonly used technological advance within the real estate industry is online listings. With websites such as Zillow, Trulia, and Realtor, homebuyers no longer need to leave their homes to begin their real estate search. According to the National Association of Realtors, 89% of home shoppers use a search engine at the onset and throughout their home buying process.
New home shoppers visit three or more sites on average before taking any action on a real estate site.
This means that the average home buyer is looking online at multiple sites for approximately three weeks before they take the next step of contacting a realtor or the home seller.
That is a lot of time online searching through homes.
A key factor to note is that 76% of all buyers found a home using a mobile device.
This is important for realtors to make sure that their real estate website is mobile responsive. Also, real estate agents should have a regularly updated blog and a professionally designed website that showcases their records through testimonials and reviews.
Viewing a property is an essential step in the home buying process. But what if the home buyer lives across the country or has a hectic work life schedule that prohibits them from traveling? Enter virtual tours. Using virtual technology, real estate agents can bring a home tour to their clients wherever they may be. Many real estate agents use popular streaming apps such as FaceTime, Google Hangouts, and Zoom for live home showings. However, for agents that prefer pre-recorded virtual tours, there are video walkthroughs and self-navigated 3-D tours, which are fully interactive and allow a buyer to tour the home in the order they like.
The best platforms include RICOH tours, Immoviewer, Matterport, and EyeSpy360. There are also smartphone apps that can create video walkthroughs.
These include SparkCamera and Filmic Pro.
While not a brand new technology, buying is beginning to significantly impact real estate more than in previous years. An iBuyer is a company or corporation that purchases homes from sellers using cash offers. iBuyer companies that have taken off in the past couple of years are Redfin, OpenDoor, Offerpad, and HomeLight’s Simple Sale platform. Each of these iBuyer companies has varying fees but has a similar process. First, sellers can go to the company’s website and input their home information. Next, the company will evaluate the home using Automated valuation Models (AVMs) to calculate the value of a home and generate an instant offer. Once the request is developed, it will be sent to the seller, who can accept or decline the offer. If the offer is accepted, the company will have the property assessed.
Any significant issues will warrant a slight drop in the cash offer. Then, when the final proposal is agreed upon, the seller can choose a move-out date and receive their cash. With such an easy home selling process, many homeowners who are in a crunch to move or need some money for the home quickly are turning to iBuyers to speed up the process.
Many more technology sources assist home buyers, home sellers, and real estate agents in the real estate process. For example, mobile apps, e-signature software, and even mortgage lender software are all available to individuals interested in purchasing or selling a home. Technology continues to advance, and as it does, it makes the real estate process more efficient and more accessible for everyone to participate.
Read Also: A Step-by-Step Guide to Buying a House